Suppose the quick towing company purchases a new tow truck

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Suppose the Quick Towing Company purchases a new tow truck. The old truck had a book value of $1,000 and was sold for $1,420.If Quick Towing is in the 34 percent marginal tax bracket, what is the tax liability on the sale of the truck? What is the after - tax cash flow on the sale?

Reference no: EM13389383

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